Redhill Realty Sells Inland Empire Asset
Institutional Property Advisors procured the buyer and arranged financing.
Redhill Realty Investors has sold LuxLiv Apartments, a community in Riverside, Calif., in the Inland Empire, to Vanamor Investments. The asset traded for $19.8 million, according to Yardi Matrix, with the sale subject to a five-year Freddie Mac loan in the amount of $12.8 million, originated by Manufacturers and Traders Trust Co. Marcus & Millichap’s IPA division represented the seller and also procured financing.
LuxLiv Apartments is located at 3905 Dawes St. Completed in 2013, originally as a gated condominium community, the property comprises 62 units across 10 buildings. The La Sierra Metrolink station is 2.5 miles away. There are multiple shopping and entertainment centers, plazas and eateries within less than 3 miles of LuxLiv.
Amenities include an outdoor swimming pool with showers and restrooms, fitness center, outdoor kitchen with a barbecue area, gazebo and charging stations for electric vehicles. As for units, each has its own garage, plus washers and dryers.
The IPA team that obtained the buyer and closed on the deal included Senior Vice President Kyle Pinkalla and Executive Managing Directors Alexander Garcia Jr. and Chris Zorbas. Another IPA team secured the financing, including Executive Managing Director Brian Eisendrath and Senior Managing Director Cameron Chalfant, as well as Managing Directors Jake Vitta and Tyler Johnson.
